Innovation Policy for Development: an Overview STE-WP-34
This paper provides a framework for thinking about innovation policies for development. In such context innovation should be construed as a very broad notion that includes product and in process innovations of various sorts, generated by rank and file workers as much as by R&D labs. The economic rationale for government support of R&D needs […]
Microeconomic Insights from Israel’s Venture Capital Emergence: Towards a Theory of Evolutionary Targeting of Infant Industries STE-33-2006
The development of Venture Capital in Israel during 1993-2000 is an example of policy-led industry emergence. The Israeli targeted policy adapted to trigger Venture Capital emergence is an example of successful infant industry policy. This policy stands on its own as a separate class, due to its non-conventional configuration and high impact. This paper both […]
The Dye Famine and its Aftermath: Knowledge Diffusion and Entry STE-WP-32
Investments in Higher Education and Economic Performance: Israel in an international perspective
The research investigates the relationship between investments in higher education and the economic performance of OECD countries through the use of a two-stage regression model and multivariate analysis. The findings suggest that an indirect relationship exists between higher education investments and economic growth. Evidence shows that higher education inputs translate into human capital outputs, and […]
Venture Capitalists, Public Offerings or Strategic Investors? Financial Liquidation Profiles of Israeli Hi-Tech Firms STE-WP-31
The paper presents the concept of Firms’ Growth Profiles (FGPs) portraying the idea that the institutional environment confers upon firms a limited set of path-dependent growth options. The FGP concept is demonstrated by examining sequences of financial liquidation actions (raising funds from venture capitalists, through public offerings or from strategic investors) of Israeli Hi-Tech firms. […]
What Affects Technion Faculty Members’ Decision to Found a Start-Up Firm? Effects of the Business Opportunity and the Entrepreneur’s (faculty)
While research has recognized the importance of the entrepreneurial opportunity evaluation (EOE) stage in affecting overall entrepreneurship activity, only venture capitalists’ (VCs) perspectives were explored. No research has attempted to understand the crucial and complementary role of entrepreneurs’ points of view. In an effort to fill this gap, the current study focuses on the entrepreneur […]
Science and Technology Indicators in Israel: An International Comparison
It is well recognized that human capital, especially in the areas of science and technology, (S&T), is the main growth-enabling resource in Israel. How can this recognition be evaluated in light of the economic and statistical data over time? In this new Neaman Institute study we propose a systematic set of indicators, which can and […]
From Ivory Tower to Industrial Promotion:The Case of Yale University and the Biotechnology Cluster in New Haven, Connecticut, STE-WP-28
In 2001 Ernst & Young ranked the state of Connecticut seventh in the nation with respect to the number of biotech firms operating within its borders relative to its population (Ernst & Young, 2001). In 1993 there were only six such companies in the state. What led to this increase? This case study describes the […]
Start-up funding inefficiencies due to VC’s Limited horizon, STE-WP-29
We study the conflict of interests between limited partners (LPs) and a general partner (GP) in a VC fund with a limited life-span. LPs commit money for investment in risky projects, while the GP selects projects and provides unobservable monitoring effort for each project. We assume that midway into the project, the GP privately observes […]
Evolutionary Innovation and High Tech Policy: What can we Learn from Israel’s Targeting of Venture Capital STE-WP-25
The paper analyzes Israel’s Innovation and High Tech Policy from a Systems-Evolutionary (S/E) and Life Cycle Perspectives with a focusing on the targeting of the Venture Capital Industry during the 1990s. Other related research strongly suggested that the emergence of Venture Capital (VC) during that decade was a central vector in the re-configuration of Israel’s […]
